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Looking for the end of the correction on the USD

Tomasz Wiśniewski

In today’s episode, we will try to look for a good moment to end the correction on the USD. For this, we will analyze the situation on Gold, EURUSD, and USDJPY.

If it was all about Gold, the time to end the correction would be right now. XAUUSD is creating a hammer candlestick on the up trendline and the horizontal support on the 1324 USD/oz. That is a very good place to start another bullish wave on this precious metal.

EURUSD could wait with that a little bit more. Here, we are 20 pips away from a major support created by the up trendline and the horizontal area around 1.229. Bullish candlestick formation there would mean a strong buy.

USDJPY could wait a little bit more too. Here, we are about 60 pips away from the mid-term down trendline and the major horizontal resistance on the 108.3. Any kind of a reversal pattern in that area would be a great bearish opportunity.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire